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《大行報告》中金首予快手(01024.HK)「跑贏行業」評級 目標價353.9元
阿思達克 04-19 12:13
中金發表研究報告,首予快手(01024.HK)「跑贏行業」評級,目標價353.9元,相當於明年預測市銷率10.7倍。報告稱,相信短視頻在娛樂生活、內容消費、資訊獲取及社交互動中日益重要,為短視頻平台帶來重大增長機遇。快手提供的「社區」概念切合東亞文化。中金料植根於社區的網絡效應將成為快手的核心競爭力及收入來源。

報告表示,快手平台具強勁競爭力及重大用戶增長空間;料其未來透過差異化內容及服務吸引新用戶,並透過社區生態圈「箍客」。在2021至2023年間,中金料快手應用程式日均活躍用戶分別達3.18億、3.66億及4.02億戶。

中長線而言,中金料快手將建立基於短視頻平台的自家電商生態圈,並料快手將專注於非標準化產品如珠寶,及將其線下業務延展至線上平台。該行料快手2021至2023年收入分別達832億、1,179億及1,540億元人民幣,年均複合增長料達36%。以非通用會計準則(Non-GAAP)計,料今年虧損收窄至28.04億元人民幣(每股Non-GAAP虧損0.67元人民幣),明年Non-GAAP轉賺92.86億元人民幣(每股Non-GAAP純利2.23元人民幣)。

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